Luxury Home Owners: Time to Slow Your Roll?

Luxury Home Owners: Time to Slow Your Roll?

April 20, 2018

Homes considered part of the high-end market across the country are taking longer to sell, according to a report out this week by Concierge Auctions. A whopping 72% of luxury homes in the U.S. languished more than 180 days on the market in 2017, up from 59% over 2015’s days on market. And for those who don’t believe pricing correctly is a factor, homes that spent more than 180 days on the market sold for an average of 62% of the original asking price (even after a few reductions).

One of the slowest list-to-close luxury markets in the U.S. last year was Westchester County, N.Y., where luxury homes spent 798 days on the market on average, a total only surpassed by Nashville, Cape Cod, and Atlanta. According to the report, one key factor to the tortoise-like pace in these areas were high property tax rates (Westchester ranked highest in the land).

The research said Beverly Hills high-end homes averaged 347 days on the market. However, it took L.A. Luxe Group only 8 days in 2017 to sell a Beverly Hills listing at 718 N. Alpine Drive (pictured) for over $8 million. Miami’s luxe digs took 608 days to sell in 2017, while expensive properties in San Francisco blew-off the market in 55 days. Pricey properties in Palm Beach averaged 476 days, and Manhattan’s $4 million-and-up residences spent an average of 359 days on the market prior to selling.